Crypto leaders’ stance on DCCPA Bill polarized, not everyone buys it
After much criticism following his support for the uploaded DCCPA bill, FTX CEO Sam Bankman-Fried has once again taken to Twitter to explain more about the bill.
Crypto attorney Gabriel Shapiro uploaded a copy of a bill from the Digital Commodities Consumer Protection Act (DCCPA). According to Shapiro, the main purpose of splitting the bill was in the interest of “transparency and open discussion about the future of crypto law.”
The bill appears to constitute an act said to be harmful to DeFi, mainly a sector of blockchain-based solutions that aim to improve the economy by replacing central intermediaries with software code.
After uploading the bill, Sam Bankman-Fried expressed support for the framework of the bill, took to Twitter last Wednesday to say he was excited to see a bill that addresses customer protection in crypto. Adding that the bill would not put “the existence of software, blockchains, validators, DeFi, etc. at risk.”
Others disagree with the DCCPA bill
Others, including Web3 startup accelerator Alliance DAO and Framework Ventures’ co-founder Vance Spencer didn’t seem to buy the idea of what the bill amounts to.
Alliance DAO basket the bill says the DCCPA only seeks to “threaten Defi innovation, give the CFTC new powers to regulate spot markets, force human intermediation, force projects to sacrifice decentralizationfavor centralized incumbents and kill startups.”
Meanwhile, when Sam Bankman-Fried originally supported the bill, some people did not take it easy on him and began criticize him. Following these setbacks and criticism, the FTX boss has now once again taken to his Twitter to explain the DCCPA bill, which affects the DeFi sector.
FTX manager elaborates on the bill
Sam Bankman-Fried noted that the core goal of the DCCPA bill is precisely to answer the question: “How can a regulated, centralized entity interface with DeFi?”
He noted specifically that the bill was “*not* making claims about what DeFi developers, smart contracts and validators must do,” but ultimately “establishing guidelines on how, say, FTX’s platform — or Fidelity’s–can interface with DeFi contracts.”
Sam Bankman-Fried also further mentioned that he would only support a version that clarifies that developers and validators are not (and should not be regulated as) platforms.
In particular, the fear of the DCCPA bill is that it shows that developers won’t be allowed to build whatever interfaces they want—at least not without centralized entities taking advantage.
Reactions to the FTX manager’s elaboration of the bill
ApeWorX Ltd. builder with the pseudonym “señor doggo,” cited Sam Bankman-Fried’s extensive Twitter thread noting that “there should *never* be a mandate to access DeFi through a centralized intermediary interface.” Adds that “Developers should be allowed to build whatever interfaces they want.”
Despite the FTX chief’s further explanations, reactions show that people are still not buying the idea of what the DCCPA bill amounts to. A tweep commented in the thread and said: “@SBF_FTX my damage control much? You have so many points wrong but the gist of it is that you are advocating the opposite of what DeFi is. People don’t want to be regulated by corrupt financial systems that have failed .”
Speaking of Sam Bankman-Fried, the FTX CEO recently made it clear that his brand is “fully on board with regulation” and will welcome regulations pushed by lawmakers to guide innovations in the cryptocurrency ecosystem.
Image source: Shutterstock
